With over 500pips in our direction since my last publication (see link below) on this pair; The British pound has gotten hit pretty hard during the last couple of weeks after an optimistic rise topped $1.35400 early in the month.
With the growing fears that Brexit talks could collapse, I am anticipating the risk of decline in price in the coming week(s).
Tendency: Downtrend ( Bearish )
Structure: Reversal pattern | Breakdown | Supply & Demand
Observation: i. The last couple of weeks witnessed a price going through Lower Lows which culminated in a Breakdown of Neckline @ $1.32850 last week.
ii. The Breakdown/Breakout of Key level @ $1.32850 has served as a determinant of the prevailing direction of price action since on the 10th of Nov. 2020.
iii. I have noticed that for every Breakdown/Breakout of this level in the past saw price maintained above/below Key level for a couple of weeks.
iv. Looking forward to a possible correction into Key level in the coming week.
Trading plan: SELL confirmation with a minimum potential profit of 250 pips.
Risk/Reward: 1:4
Potential Duration: 2 to 5 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
With the growing fears that Brexit talks could collapse, I am anticipating the risk of decline in price in the coming week(s).
Tendency: Downtrend ( Bearish )
Structure: Reversal pattern | Breakdown | Supply & Demand
Observation: i. The last couple of weeks witnessed a price going through Lower Lows which culminated in a Breakdown of Neckline @ $1.32850 last week.
ii. The Breakdown/Breakout of Key level @ $1.32850 has served as a determinant of the prevailing direction of price action since on the 10th of Nov. 2020.
iii. I have noticed that for every Breakdown/Breakout of this level in the past saw price maintained above/below Key level for a couple of weeks.
iv. Looking forward to a possible correction into Key level in the coming week.
Trading plan: SELL confirmation with a minimum potential profit of 250 pips.
Risk/Reward: 1:4
Potential Duration: 2 to 5 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Trade smart. Trade consciously
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Trade smart. Trade consciously
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.